Williams F1 have been punished by the FIA after failing to submit their 'Full Year Financial Reporting Documentation' in time for the FIA's March 31, 2022 deadline. F1 teams have been forced to operate within a spending cap since the start of the 2021 season. That cap is currently at $140m but will fall to $135m next term. However, Williams have not landed themselves in trouble with the FIA by overspending this cap, but have instead submitted their paperwork (outlining their spending) too late. The Oxfordshire-based team have become the first to be in breach of budget cap rules. They have been fined $25,000.
Williams fined $25,000
The FIA say that Williams were notified on April 12 that the team had committed a procedural breach. Williams responded to the notification three days later by admitting they had broken the rules. The team were then fully cooperative, say the FIA, in seeking to remedy the breach. They were then told that they must correct their mistake by submitting the report before June 1. Williams did so but were fined $25,000 by the FIA, as well as bearing the costs incurred by the Cost Cap Administration.
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